This refers to the welcome directive by the Reserve Bank of India ( RBI) rightly requiring all the banks to have a uniform and transparent system of levying service charges, regardless of where the service is being availed. The department of financial services should take a further step by ensuring common and uniform rates of service charges and interest rates at least, for all public sector banks. Banks can compete by offering better service, rather than on rates of service charge. The merger of smaller public sector banks into some larger public sector banks will largely reduce overheads.
- Madhu Agrawal (FPJ)
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